Help for businesses affected by the latest restrictions

Today Chancellor Rishi Sunak has announced new support for businesses in retail, hospitality and leisure affected by the latest restrictions.

One-off top-ups will be granted to businesses that have had to close under the latest restrictions, and are as follows:


· £4,000 - businesses with a rateable value of £15,000 or under

· £6,000 - businesses with a rateable value between £15,000 and £51,000

· £9,000 - businesses with a rateable value of over £51,000

This grant is on top of the existing business support from 2020, including:


1. Coronavirus grant due to national restrictions (for closed businesses)

· £1,334 - businesses with a rateable value of £15,000 or under

· £2,000 - businesses with a rateable value between £15,000 and £51,000

· £3,000 - businesses with a rateable value of over £51,000

2. Business grants for tier two lockdown areas

This grant was distributed in tier two where businesses were not forced to close but were affected by the reduced demand.


· £934 - businesses with a rateable value of £15,000 or under

· £1,400 - businesses with a rateable value between £15,000 and £51,000

· £2,100 - businesses with a rateable value of over £51,000

3. 100% business rates relief for retail, hospitality, and leisure businesses

4. The furlough scheme - extended to April 2021

The CJRS will pay 80% of an employee’s salary up to max £2,500.

5. 100% government backed loans - extended until March 2021

For small businesses the bounce back loan is between £2,000 and £50,000. There is no payment required for the first 12 months and the Government will cover any fees and interest for the first year.

6. Self-Employment Income Support Scheme (SEISS)

Third grant for Nov 2020 to Jan 2021 – Payment of 80% of the average trading profit for three months up to max £7,500.

Businesses should apply to their Local Authorities or check the gov.uk website for further information.

Please contact us for more information.


Website: www.surreyhillsaccountancy.co.uk

Email: info@surreyhillsaccountancy.co.uk

Mobile: 07866 385137

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